Mohamed A. El-Erian, Chief Economic Adviser at Allianz and a member of its International Executive Committee, is Chairman of US President Barack Obama’s Global Development Council. He previously served as CEO and co-Chief Investment Officer of PIMCO. He was named one of Foreign Policy's Top 100 Glob… read more

Comments

Mr M. EL- Arian your findings about europe crisis are right. But, as you write the main question that europe needs a major crisis to move forward. war ; with the exterme right parties in Greece-Italy - france etc. I didnt live this expierence, but i have visit dachau- auswich and i know what is the huge human cost in Europe- usa and elsewhere.Germany will pay the price for the deny of significant haircut in greek depth. Imagine 25% unemployment in Germany with this cold weather ; ΑΝΥWAY, PIMCO WILL BUY GREEK DEPTH AFTER A HAIRCUT 50% IN THE OFFICIAL SECTOR ;

every time i read your article .because in my opinion you are open mind and very good analyst about the economy .(realist )to day i have to say you see the problem economic like (some one ) have the problem .(war) Egypt ..have problem with Israel because they are allmost Muslim (to day half of Egypt ) demostrate for open mind to M.MORSI (because he thinking constitution is CURAN) Palestin Mr M,A,EL-ERIAN WAS AND WILL CONTINUE TO BE PROBLEM )now much deeper ..because some state (sentimental) give to tham right for the state (and after this they wanted Jerusalem) SO .. because JERUSALEM IS capital of ISRAEL STATE (AND WORLD ) . now about the EUROPE i have large focus this is not really FINANCIAR CRISIS but is POLITICAL crisis (and bankar) IS NOT THE MIDDLE EAST war make the problem there ..iam agree with you to the solution you give for fiscal cliff ''in USA i like you to be open mind (with out religion intreses) in problems insade middle east ..i am concern about the war in SYRIA because this is one aphormy or plann for war in EU Turkey doesn't need to be part of this problem (is not emigration or provocation from syria) Syria is thyma to religion too thank you Read more

The European countries are running out of the means to borrow and spend to sustain growth. Some sort of deep structural change needs to be tried to let market forces put people back to work. Some combination of change working on both the real wage level and the productivity level needs to be tried. Read more

One important parallel in between the Middle East's volatile and unpredictable scenarios and the ongoing Eurozone crisis is that neither of them can be taken out of the global context, and any viable solution has to be global and systematic.The whole humanity has evolved into this global, interconnected network, where each individual and nation depends on all the others.There is no Greek, Spanish, European, US, Chinese or BRICS crisis, there is a system failure as the present socio-economic system, the free market, constant quantitative growth economy and its supporting governance has exhausted itself and became self destructive.The same way the situation in the Middle East has been formulated, developed from its beginning in a global context, and it goes way beyond the borders of Israel and the Palestinian territories and even beyond the whole region itself. Joschka Fischer had an excellent review article about it here yesterday.Today any crisis or conflict situation the world is facing requires a global, mutually responsible and considerate approach, introverted, self calculating, national or local resolutions, interventions, actions only lead to further collapse. Read more

There are to many balls in the air, and it will take a juggler with 14 billion hand to master them. Fortunately we have such a juggler. Unfortunately he is delusional, in continuous disagreement with himself, and eating his own flesh.

How do we awaken him before all the balls plummet -- that's the only question. Read more

More often than not unforeseen events create awkward situations but radical solutions. The General logic of Peace is superseded by What may appear to be a Turmoil. So many instances are served by the history Read more

Joschka Fischer
laments the fate of the European Union in the wake of the latest round of the Greek drama.

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